Money, money, money
updated on 13 November 2012
Training to be a lawyer is not cheap. If you have to pay for all your university tuition fees and vocational courses, you could incur debts of many tens of thousands of pounds. And it's not just course fees that have to be taken into account - there are also the hidden costs of books, accommodation, a laptop, food, transport and at least one good suit! This is a huge financial investment with no guarantee of a training contract or pupillage at the end of it.
With increased tuition fees now a certainty, you could be looking at up to £9,000 per year for your undergraduate studies. But that's just the beginning. In 2012-13 Graduate Diploma in Law (GDL) course fees were as much as £9,400. Fees for the Legal Practice Course (LPC) and the Bar Professional Training Course (BPTC) were even higher, with the LPC costing as much as £13,550 and the BPTC up to £16,540. These fees represent the upper limits of what you can expect to pay, but the courses are always a significant financial undertaking - especially given the rising cost of living.
So with that in mind, how do you go about financing your studies?
Undergraduate level
Assuming you're not relying entirely on the Bank of Mum and Dad, government-funded loans are provided by the Student Loans Company. For the majority of students, a loan will comprise a tuition fee loan, which covers the full cost of your course, and a maintenance loan, which covers living expenses. Repayment only begins after you have left higher education and are earning over £15,000pa.
Clearly, there are a multitude of rules and procedures governing these loans, so it is best to check out the website above or phone them on 0845 300 50 90 with any questions.
It's also highly likely that you'll be working part-time to fund your basic living arrangements. Apart from keeping you in baked beans and cider, employment experience - of any description - can be a valuable lesson in juggling several commitments at once, and building up your workplace skills.
Postgraduate level
For those of you who secure a training contract or pupillage before you begin your vocational training (which is recommended!), a large number of firms and chambers offer financial assistance to their future trainees and pupils, from full payment of fees and maintenance for up to two years of postgraduate study to the provision of an interest-free loan towards LPC/BPTC course fees. One thing to remember is that the terms of sponsorship may tie you to the firm for a period of time after your training contract.
For those who are self-funding this stage, careful financial planning is essential. Here are a few other methods (in addition to part-time work) that are worth considering.
Local authority grants
Such grants are available, but funds are extremely limited. In addition, they are discretionary for the GDL and LPC, which means that they are difficult to get. As a result, you should contact your local authority to obtain a booklet describing the details of their award policies.
Law Society
The Law Society has a bursary scheme for the LPC. It is funded by a variety of trusts and scholarships, and is designed to support the development of individuals who can demonstrate exceptional academic ability and potential as a solicitor. Applicants can specify the amount of the bursary they wish to apply for up to the total course fees, but must have a confirmed place on the LPC before an application can be submitted. The society advises that the fund is limited and competition for awards is intense. For details of when to apply, visit the Junior Lawyers Division website.
The Law Society also runs a Diversity Access Scheme, which provides support to talented people who will have to overcome a specific obstacle in order to qualify. Such obstacles might include social, educational, personal or financial factors. In past years, successful applicants have been people with a wide range of disabilities and single parents who have combined studying with their caring responsibilities. The scheme provides scholarships to cover LPC course fees and successful applicants will automatically qualify for support through the Law Society's mentoring scheme.
The Law Society reviews the scheme after each application round, and has not yet disclosed whether it will run the initiative in the 2013-14 academic year. The Law Society's decision is expected to be revealed in January 2013.
Inns of Court
In recent years the four Inns have dished out millions of pounds in awards. They all seem to use the umbrella term 'award' to describe scholarships, bursaries and grants. Curiously, most wannabe barristers know little about the awards available and although the Inns' websites provide some information, there's a complex web of requirements, application procedures and working out exactly what is available for what.
The four Inns' websites have application forms for you to complete and send to the relevant person. For a full breakdown of what's on offer, read the "Financing the vocational courses" chapter in The Training Contract & Pupillage Handbook or go to the individual Inns' websites: www.lincolnsinn.org.uk, www.innertemple.org.uk, www.middletemple.org.uk or www.graysinn.org.uk.
College access funds
College access funds are available to postgraduate students at universities and publicly funded colleges, mainly to provide additional assistance to meet living costs. The funds are available at the discretion of your college. Students should contact the student support department of their institution for further details. These funds are intended for students who are experiencing particular difficulties in meeting their living costs.
Loans
Some high-street banks offer specialised loans for those wishing to study for professional qualifications. There does seem to be an increasing unwillingness to lend to students, however, with NatWest withdrawing its Professional Trainee Loan Scheme in April 2011 and Royal Bank of Scotland (which owns NatWest) cancelling its loans for students. But help is still available; the London Barrister Commercial Centre is a specialised unit within HSBC Bank plc with a customer base made up exclusively of those undertaking postgraduate legal studies, practising barristers and sets of chambers.
Career development loans are deferred repayment loans that are available to help pay for vocational courses up to 80% of your course fees and up to 100% of any related expenses, not exceeding a total of £10,000. The Young People's Learning Agency pays the interest on the loan for the period you're studying and up to one month afterwards. You then pay back the loan to the bank over an agreed period and at an agreed rate. Worth noting is that career development loans cannot be used to fund a course that leads to another course rather than employment, so the GDL is not covered. More information and an application form may be obtained from the participating banks (Barclays and The Co-op) or the career development loans helpline on 0800 585 505.
BPP Law School offers a law loan of up to £25,000 to its full and part-time LPC and BPTC students, in partnership with specialist bank Investec. Both BPP and The College of Law run scholarship programmes, and offer an option to pay fees in instalments.
Charities and grant-making trusts
Some grant-making trusts and charities may offer financial assistance to those seeking to qualify as a lawyer. The application criteria for these awards vary enormously, but they are often so specific that eligibility is limited to just a few. Usually, charities and grant-making trusts provide only small amounts of money, and so should not be relied on to provide financial support for either tuition or maintenance for a whole year. The best place to find a full list of such organisations is in the reference section of a local library.
So, what can we say? Training to be a lawyer is expensive and there are no guarantees. Hopefully, you will be rewarded for your outlay by a training contract or pupillage (and the commensurate wage!). If so, great - it was all worth it. If not, move on - try and broaden your view on where your career might take you, and think of alternative sectors/industries that would value your skills (which were achieved at great cost!). Either way, taking a prudent approach to your financial wellbeing is essential.
